The holiday season, unfortunately, will not go untouched by inflation this year. For those looking to go big for Thanksgiving 2022, the American Farm Bureau Federation is anticipating record-high turkey prices this year.
The retail price for boneless, skinless turkey breasts rose to a record high of $6.70 per pound in September, according to the bureau. That marks a 112% year-over-year price increase compared to Sept. 2021′s $3.16 price per pound.
Turkey prices had not seen a record high since avian flue increased prices to $5.88 per pound back in Nov. 2015. This year’s turkey price woes are also being felt across the grocery isle, as all retail food prices were 11.4% than they were last year in an August 2022 report.
“All of us are feeling the pain of higher prices at the grocery store,” AFBF president Zippy Duvall said in the report. “HPAI outbreaks in the spring and an uptick in cases in the fall are taking a toll, but farmers remain dedicated to ensuring America’s food supply remains strong.”
The bureau said that turkey prices are up due to rising supply costs from feed, fuel, fertilizer and labor.
Highly pathogenic avian influenza (HPAI) is also making a mark on turkey prices this year, possibly affecting production next year as well.
“HPAI has had a significant impact on the supply of turkey available in the United States in 2022,” the bureau reported. “Turkey production is below this time last year and is forecast to be lower yet in 2023. Fewer turkeys raised combined with strong demand, inflation and growing demands on food systems have led to record high prices for turkey and other poultry products such as table eggs. The good news is fall HPAI detections are well below spring numbers. While there should be enough turkeys to go around for Thanksgiving, pressure will keep prices high with supplies forecasted lower and demand forecasted higher for 2023.”
